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    Pagesus's Avatar
    Pagesus Posts: 3, Reputation: 1
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    #1

    Jun 25, 2012, 01:42 PM
    Answers to Accounting Questions
    Corporation: Board of Directors, Stockholers.
    Can a member of the Board of Directors pay for his children's private school out of corporate funds - where would you post these transactions. Can this be considered Officer's Compensation or would it be an advance and then paid back by that person out of a bonus at year end.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Jun 25, 2012, 03:19 PM
    Quote Originally Posted by Pagesus View Post
    Corporation: Board of Directors, Stockholers.
    Can a member of the Board of Directors pay for his childrens private school out of corporate funds - where would you post these transactions. Can this be considered Officer's Compensation or would it be an advance and then paid back by that person out of a bonus at year end.
    Either way but you had better have a Board resolution for that. It is either salary or a loan as you say
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